“The numbers are eye-watering, and there is more to come”

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11 Responses to “The numbers are eye-watering, and there is more to come”

  1. Tel says:

    Anyone got a forecast on when this hits Australia?

    I’ve seen groceries go up a bit, and of course fuel is quite painful, but so far nothing as bad as what’s hitting the US consumers. Can’t imagine how we will be safe forever … although high commodity prices are GOOD for Australians when we are such a bit exporter, that’s a temporary shield I would expect.

  2. Boambee John says:

    I guess that this is part of the “Biden Boom” that Non Mentis tells us about. Like the fall in workforce participation.

  3. Buccaneer says:

    The Biden Boom, the sound that you hear when your life savings go up in smoke.

  4. Terry says:

    ‘Anyone got a forecast on when this hits Australia?’

    It is already here – just waiting for it to come through the “official” numbers.

    Institutions beginning to say: “August” for rate rises, so my guess is that is when the official CPI figures will start to turn nasty.

    ‘I’ve seen groceries go up a bit…’ …a small continuous rise throughout ‘the pandemic’ and recently, a sharp uptick.

    * Fuel, as you mentioned, plus
    * Hardware (+10%-ish),
    * insurances [Car: +9.5-ish%] | [H&C: +10-ish%] | [Landlord: +16.5-ish%] | Health: +8.2-ish%]
    * Streaming services: +15%
    …and other stuff, of course.

    This against a backdrop of stagnant wages (except for public servants of course – more borrowed money, making it worse again) and zombie business closures that have been baked in but are yet to surface in the public consciousness.

    I would say the economy is already in recession/depression, it is just that so many are insulated by the public debt machine, that they aren’t yet feeling it.

    The intelligentsia “running” the joint won’t get the numbers to convey a problem until well after the economy is almost done repairing itself – quicker if we don’t let those trying to “help” delay it through their “sage” contributions.

    We won’t be taxing and borrowing our way out of this one…

  5. Lee says:

    I’ve seen groceries go up a bit …

    20-25% for many supermarket foods and other stuff.
    The local Chinese takeaway owner was telling me today that prices of pork, chicken and rice in particular have skyrocketed, and he will probably have to put up his prices.

  6. Lee says:

    I guess that this is part of the “Biden Boom” that Non Mentis tells us about.

    But he reckons that’s all right because unemployment has gone down!
    That’s a great help if you’re battling to pay for petrol and other bills, and trying to put food on the table …

  7. Petros says:

    I’m suspicious of the Australian unemployment data. Has the proportion of working age people who are no longer working and who are also not looking for work increased? Hence they don’t show up on the unemployment statistics.

  8. Boambee John says:

    Petros

    Same in the US data.

  9. Tel says:

    The RBA has not even slowed down the printing press.

    https://tradingeconomics.com/australia/central-bank-balance-sheet

    I agree that meat and fish are showing quite significant price gains. The most high nutrient value foods are leading the inflation charge.

  10. Tel says:

    I recently bought into Bega Cheese (ASX:BGA) can’t understand why it’s getting pummeled so bad in the share market. Everyone loves eating cheese! Soon that’s the only protein the the average family will be able to afford.

  11. Chris M says:

    Tel they are woke and halal so I 100% avoid buying.

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